Bycyshare Technologies Pvt Ltd, which runs electric vehicle-based last-mile delivery service provider Zypp Electric, on Monday said it has raised $1 million (around Rs 7 crore) in debt funding from Northern Arc.
The startup plans to use the fresh capital to expand its EV fleet services by deploying 1.5 lakhs e-scooters in India by 2025.
“Zypp turning profitable is proof that we are on the right path and utilising our resources efficiently in the right direction. The best part is that we have achieved the EBITDA positive milestone along with a 5x revenue growth in this FY in comparison to the previous fiscal," said Akash Gupta, Co-Founder and CEO, Zypp Electric.
"We believe that as a growing start-up, this is a clear sign of strong foundational values and the future potential of our business model.
Further, Northern Arc is a highly respectable financial services platform, and NBFC, with $1 million debt raised from them, we’ve added another level of growth at much better IRRs as we accelerate closer to our vision of 100% EVs in the last mile in the country," he added.
Founded in 2017 by Akash Gupta and Rashi Agarwal, Zypp Electric is a tech-enabled electric vehicle-as-a-service platform and it offers carbon-free last-mile delivery for local merchants, e-commerce giants and delivery executives.
It currently delivers groceries, medicines, food, and e-commerce packages through its fully automated internet-of-things (IoT) and artificial intelligence-enabled scooters which are low on maintenance and high on performance.
The startup raised $7 million (approximately Rs 53 crore) in its Series A round co-led by 9Unicorns and Anthill Ventures in September 2021.
Last year in March, Zypp partnered with mobility startup Rapido to include electric scooters in its fleet.
